After the lifting of the ban on the import of Turkish goods, Armenia is importing Turkish goods even more actively.

On October 20, 2020, during the Azerbaijani military assault on the Republic of Artsakh, the Armenian government adopted a decision prohibiting the import of finished goods of Turkish origin starting on January 1, 2021.

The decision was taken when it became clear that Turkey was also involved in the war unleashed by Azerbaijan on Artsakh. At the time, it was remarked that this was primarily a political decision, not an economic one.

Later, the ban on the import of Turkish products was extended for six months. After six months, no new decision was made to ban the import of Turkish goods, therefore, imports were allowed.

In 2024, Armenia imported $336 million worth of goods from Turkey, while exports did not reach half a million dollars. The Statistical Committee of Armenia (SCRA) published the data.

Compared to 2023, imports from Turkey to Armenia have not changed significantly. Instead, exports from Armenia to Turkey have sharply decreased, from $6.4 million to $0.4 million.

In the last ten years, the highest rates of imports from Turkey to Armenia were recorded in 2023-2024, after the lifting of the ban on the import of Turkish goods in 2021.

Since the ban applied to most, but not all, goods imported from Turkey in 2021, according to official statistics, amounted to some $73 million. Mainly raw materials were imported that year: aluminum rods and sections, textiles, wooden boards, etc.

Despite the closed land border and the lack of diplomatic relations, Turkey held a stable place in Armenia's import configuration until 2021. For example, in 2018-2019, Turkey accounted for about 5% of Armenia’s imports. This share was later reduced.

In 2024, it amounted to 2%. The share of Turkey and many countries in Armenia's imports decreased in the context of a sharp increase in Russia's share. Let us recall that in 2024, a large volume of gold and diamonds was imported from Russia to Armenia and re-exported mostly to the UAE, as well as China.

From yarn to clothing, citrus, and fuel

Exports from Turkey to Armenia are quite diverse. Armenia imports Turkish clothing, appliances, motor fuel, construction products, food, etc.

In 2024, the top three imported Turkish goods by value were yarn ($15.2 million), petroleum products; mostly motor fuel ($14.1M), aluminum rods and fixtures ($13.9M), followed by knitted fabrics (13.2M), detergents and cleaning products ($8.4M), and women's clothing ($7.2M).

Gold trade in one year: Exports from Armenia to Turkey are almost zero

Exports from Armenia to Turkey are miniscule. According to annual estimates for 2024, the total trade turnover between Armenia and Turkey amounted to $336.3 million, of which only 0.1% is exports. Except for 2022, exports from Armenia to Turkey are extremely limited.

The highest export figure from Armenia to Turkey was recorded in that year - $61 million. This pace was not maintained in the following years.

In 2022, Hetq revealed that gold was exported from Armenia to Turkey. According to Armenia’s Customs Service, one ton of raw gold worth $58 million and $2.5 million worth of precious metal items were exported.

The exporter, Golden Heritage LLC, is engaged in international gold trade and is owned by the famous Russian-based businessman Vitaly Grigoryants and his partner Arsen Mikaelyan.

The data show that in 2023, exports from Armenia to Turkey decreased to $6.4 million, and items made of precious metals and printing equipment were exported.

In 2024, only $0.4 million worth of goods were exported from Armenia to Turkey.

The small number of exports from Armenia to Turkey has been explained for years by the artificial obstacles and internal barriers created by the Turkish government for the import of Armenian goods.

Currently, when the consequences of the possible opening of the Armenian-Turkish land border are being discussed, arguing whether it is an economic and commercial risk or a new opportunity, Turkey hardly needs Armenian goods, while the Armenian market is flooded with Turkish ones. 

Armenia-Turkey remittances

In 2024, according to the Central Bank of Armenia, individuals sent an equivalent of $11 million from Armenia to Turkey through banks. These are mainly transfers made for commercial purposes. In the previous year, in 2023, transfers amounted to $16 million.

Turkey is not in first place in terms of money outflow from Armenia. It lags far behind Russia, the U.S, the UAE, Switzerland, and other countries.  

Money is also transferred from Turkey to Armenia, but in much smaller amounts. In 2024, individual remittances from Turkey to Armenia amounted to some $2 million.

Top photo: Saro Baghdasaryan